Neto trade-scam


I opened a forex account with Neto Trade back in April and deposited around 16K USD. I traded and made my account to 89K in 2 weeks because there was very good news items from Japan. I asked for a refund of 4K. The account manager at that time called Steven Becket sent the funds after a long delay and follow up.

Then an new account manager called Steven Smith called me and said that I am doing a great job and that he can trade my account to make it grow much bigger.He also said that he took over the account as Steven Becket left. He then opened trades with position sizes of 50/80 lots which a 89K account cannot sustain. Within seconds he was closing trades with loss. I asked him what are you doing and said not to worry. Next day morning my time I woke up and saw my account with a huge loss. I tried contacting this account manager but no reply. He lost all my money by afternoon. All 89K lost. Could not contact him anyway after.

After a few days got hold of him after acting like a different person and he apologized for the loss and asked me to invest another 20K. I refused and told him NO.

Then after a few weeks a new account manager called Dan Sitbon called me and said Neto trade was investigating Steven for ruining my account and asked me to invest 2K and that he will make 12K for me in 2 weeks and recover my initial investment. He said that he has a team of 12 experts who has insider information on the markets and have several clients in France which is his terriroty.

I thought that this guy is genuine (my stupidity) and he said that the company is now with a new management and put some terms and conditions where the max loss should be 400USD. If the loss is beyond this my money should be refunded. He said no problem and lost all my money once again in less than 24hrs. I was furious. I contacted him and he apologized which I think is a standard term they used and asked to invest again.

Now a few days ago another account manager called Alexander called me and said that he is from the US and wanted me to invest 10K again and that all losses will be recovered. He was also mentioning that Dan is a bum and does not know anything about forex and now in customer service. I said a big NO THANK YOU.

Please know that Neto Trade is a big scam and they will go all the way to make you deposit money and they know nothing of the market. They just fool you. BE CAREFUL and do not trade with them and I am asking them to refund my money to which they even don't reply. I am also worried because they have my passport copy,photo ID and CC information.
A Mr. Abu Baraa, Jeddah, Saudi Arabia have posted at the FPA "Forex Brokers Reviews" section (top left hand under "REVIEWS & RATINGS") the following:

"This company is not regulated from FSA, The account Manager tried to convince me that it is regulated by sending RNS no. & different Name of Company. He mentiond Netotrade is part of group of London Capital Group Holding which is registered in London Stock Exchange.
I asked him to send the FSA registration No. in FSA but he send me RNS no. which provided by London Stock exchane market.
I tried to get any connection between Netotrade & London Capital Holding Group.
After that I request to pay back my money , no replying anymore.
I also I request it from website itself many times, I only got "My request proceed after i finished filling the request & submitted.
so be becarful of that name""

So the broker is not apparently not regulated.
There is nothing much you can do about the docs you have submitted to them, and if you are worried about your credit card, then have it replaced with a new one so that nobody can use the old credit card again.

Remember to post at the FPA "Forex Brokers Reviews" section and leave them one shiny star.
Go ahead and investigate them
This is not the first complaint I hear about this one, and I warned people back then not to trade with them
Wow !!!! deposited around 16K USD without getting its safe with trade them or not.... you guys are awesome.... Whenever you up to trade then my advice is go with reputed company and make sure they are with licence.
Hello all - just to confirm what everyone knows, these guys are suspicious and I believe they have started a phishing scheme.

I have opened quite a few demo accounts around the globe in order to compare brokers; I suspect a lot of traders do this.

I also have subscribed to various newsletters and "free reports" which I imagine new traders also often do.

Somehow Netotrade has got my email address and has started sending me "Confirmations" with username and password for the "Free demo account you applied for"

Only thing is, I never applied for one from them. Of course, the email assures you that as soon as you give them your credit card you can deposit real money and convert your account.

I smell a big shiny pile, and it's not a pile of money...
now they're following up my "free demo account" that I signed up for (except I didn't)

the email is personalized to me from one "eddie cooper" to... "undisclosed-recipients"

bunch of losers
this is a known trick to avoid the anti-spam law- to call you and offer to open an account
"How did you get my number?" you will ask
"Once you have opened a demo" they will answer
assuming there are so many companies and you did probably opened a demo but it slipped out of your mind